Nothing can match the experience of entrepreneurship but it is also a fact that you will come across lots of entrepreneurial dilemmas in your entrepreneurship’s journey. Therefore, you must prepare yourself to tackle the entrepreneurial dilemmas prior to stepping into the entrepreneurial world.
Setting your feet in entrepreneurial business can be a tough call due to cutthroat competition. Noam Wasserman conducts a study on the subject. In his research of a total of 212 startup ventures, the half of the owners were unable to continue their journey after three years, while more than 80% gave up entirely.
To some extent, the scenario is associated with some of the many dilemmas that entrepreneurs face during the course of their startup journey which affects their decision-making and they end up missing right opportunities.
Remember that timing is the most tactical part of entrepreneurship and unsettling dilemmas are the biggest hurdles in your race against time.
So here we come up with some dilemmas every entrepreneur faces while running a startup:
1. Should I Leave My Job?
Giving up your highly-paid job to start your journey as an entrepreneur takes real guts. So you can fall prey of the dilemma of “Should I quit my job or not?” You might be unable to decide whether or not you should leave behind your career to pursue your business. Remember that successful business ventures are a result of courageous individuals who had the audacity to follow their dreams even when the chips are down. So take yourself out from the insecurities and listen to your heart. But if you think you don’t have the risk tolerance to lose your job and run a business, then accept the situation and stay in loyal to your career.
2. Should I Expand My Startup?
After the first 3 years of successful operations of your startup, you will definitely come across a dilemma of whether or not you should expand your business. Some entrepreneurs tend to be happy with what they achieve which slows down their growth. Rather than having second thoughts about expanding your business, you should make an analysis of the market conditions and consumer base to ascertain the risk factor and make a calculated decision.
3. Should I Quit?
Finances are what set the wheels of an organization in motion. During the formative years of your business, you might struggle with finding the investment and start thinking of winding up your business. In such a situation, you might want to quit after a time. However, this is not the right thing as it can affect your confidence and morale of your team. Instead, you should bounce back and revisit the finances of your organization and align it with your needs.
4. Should I Outsource Or Hire?
Choosing between hiring a team or outsourcing is always critical and your wrong decision can ruin your business in various ways. Before going either of these options, you must evaluate precisely what suits your business. You’ll need to consider the following three main points in this regards:
- Company’s Culture
- Required Skill Set
- Recruiting Costs
5. Should I Buy Fake Reviews?
In this time and age, the visibility of your business calls for a strong online presence. However, it also leaves you with a dilemma of whether or not you should go for fake reviews or find the legal way of getting them. You should make sure that you avoid opting for fake reviews as it hurt your business.
Joseph Carey is a Marketing Manager. He has been in this field for the last 5 years. In addition, he is a professional academic writer who offers reliable essay help in UK. To know more about him, you can follow him on Google+.